Should I Delay Filing For Benefits Until I Get My Taxes Current?
I am 67 years old and have held back on taking my social security as I have not filed my taxes for the last five years in which I was making some good money, Iam wondering if I should wait until I get the taxes current or can I claim it now and will social security adjust my allowed amount
Hi,
Your Social Security retirement benefit rate will be based on your highest 35 years of wage-indexed earnings (https://www.ssa.gov/pubs/EN-05-10070.pdf). If your earnings in the past 5 years would be among . . . Read More
Category: Retirement Benefits
Posted: Aug 6 2018 - 7:51am
Am I Correct That My Survivor Benefits Will Continue Even If I Move Back To China?
Hello
i am a Green Card Holder (Permanent Resident) and Chinese Citizen. I have already collected my Social Security Survivor benefit, as a Green Card Holder, if i plan to move back China permanently, will i eligible to collect my benefit while outside the U.S ? Base on what i read ( https://www.ssa.gov/pubs/EN-05-10137.pdf ; Page 7-9), it seems to be that i will continue collect my benefit while outside U.S, can you read the above publication and confirm for me ?
Thanks
Hi,
Your . . . Read More
Category: Miscellaneous
Posted: Aug 6 2018 - 7:37am
Can My Ex-Husband's Name Be Put On A Home Loan With Us Being Penalized By Social Security?
Hi I am wanting to refinance my home.I receive SSDI and my ex husband lives in the house and receives SSI.Can his name be put on the loan without us being penalized by Social Security?
Hi,
Nothing that you do with regard to refinancing your home could affect your Social Security disability benefits (SSDI). However, Supplemental Security Income (SSI) is a needs based program, so your ex's SSI payments could be affected by changes to his assets or income. Still, though, the value of a home that you reside in is excluded from counting as an asset for . . . Read More
Category: Supplemental Security Income
Posted: Aug 5 2018 - 12:34pm
Can I Take My Own Retirement Benefits At Age 62 And Switch To Full Survivor Benefits At My Full Retirement Age?
My husband died in 2016 at age 59 while on Social Security Disability; I was age 58. I am age 60 and qualify for reduced survivor benefits at this point. Because I spent many years as a stay at home mom, my own retirement benefits will never be larger than my survivor benefits from my husband if I wait to take the survivor benefits until age 66 years 2 months. My question:. Can I take my own retirement benefits, reduced, at age 62 and then switch to full survivor benefits at age 66 2 months? Or would taking my own benefits result in not being able to take the higher survivor . . . Read More
Category: Filing Strategies
Posted: Aug 5 2018 - 11:28am
Will I Still Be Eligible To Receive Survivor Benefits If I Move Back To China?
Hello
I am lawful resident of U.S and have already collected my survivor benefit, if I plan to move back to my country (China) Permanently, will I still eligible to receive survivor benefit while I am outside U.S ?
Thanks
Hi,
I can't give you a definite answer to your question without more information, but assuming that you're not a U.S. citizen then your benefits would likely only continue for 6 months after you leave the U.S. for China unless you were married to and lived in the U.S. with the spouse on whose record you're receiving . . . Read More
Category: Miscellaneous
Posted: Aug 5 2018 - 11:13am
Which PIA Is Used To Calculate Excess Spousal Benefits?
Say a spouse takes early retirement on her own record (say at 62), and then converts to the spousal benefit when her husband files for benefits. My understanding is that the spousal benefit is calculated based upon 50% of husband's PIA less spouse's PIA, (less additional reduction if spouse is less than FRA) and that this amount is added (if positive) back to spouses current payment. My questions are 1) is spouse's PIA used in above calculation locked in at 62 when she first begins getting early payments, or can it still grow with inflation adjustments? (assume no additional . . . Read More
Category: Spousal Benefits
Posted: Aug 5 2018 - 10:44am
How Much Can I Earn The Rest Of This Year Without Losing Any Of My SS Benefits?
So far in 2018, I have earned $32,543.45 (as of July 15, 2018). I have applied for and been approved to receive SS benefits beginning August 1, 2018. I would like to continue working part-time until the end of 2018, how much income can I receive from my current job without losing part of by SS benefits?
Hi,
Assuming that you'll be under age 66 for all of 2018, in order not to lose any benefits to the earnings test this year you'll need to earn no more than $1420 in any month from August through December 2018 ( . . . Read More
Category: Earnings Test
Posted: Aug 5 2018 - 10:35am
Should My Wife Start Drawing Social Security Now At Age 62?
My wife is 62 and has never worked very much and I am 57 years old and still plan to work till 62 should my wife start drawing social security now
Hi,
First of all, your wife would need to have paid into Social Security long enough to be insured for Social Security benefits (https://www.ssa.gov/OACT/ProgData/insured.html) in order to be able to draw retirement benefits now. Assuming she did, if your wife elects to file for her Social Security retirement benefits at age 62 her benefit rate . . . Read More
Category: Filing Strategies
Posted: Aug 4 2018 - 12:36pm
Can My Daughter Get Her Full DAC Amount And Still Get Benefits On Her Own Record?
My daughter is a DAC currently receiving $640 in SSDI on her own record. Using Max my SS, I will retire at FRA in October, 2018 and receive PIA of $2728. FMB is $4,776. SSA is telling me that my daughter's SSDI will terminate and she'll be entitled to 50% of her share of the FMB (4,776-2728=2048x50%=1024). My wife gets the other 50%. My understanding was that she would continue to get her own SSDI and receive the difference between 1024 and 640. Also, since she is dual eligible, can she claim the full 1024 and still get benefits on her own account?
Thank you!!!
. . . Read More
Category: Family Benefit Maximum
Posted: Aug 4 2018 - 7:31am
Can I Transfter Assets To A Relative In Order To Qualify For SSI?
I am on SSDI. My benefit amount is 1867.00 per month. I would like to apply for SSI, but I have to many assets. Can I transfer assets to a relitive, or put into trust or llc , and qualify for SSI.
Hi,
No. In most cases if you transfer assets in order to reduce your financial net-worth, Social Security would still count the value of those assets for at least 36 months when determining your Supplemental Security Income (SSI) eligibility (https://www.ssa.gov/ssi/spotlights/spot- . . . Read More
Category: Supplemental Security Income
Posted: Aug 4 2018 - 7:08am